UK economy grows by 0.4% in second quarter as some businesses helped by World Cup and hot weather – business live
Live, rolling coverage of business, economics and financial markets as GDP rises in June despite Iran war after stagnating in MayThe US-Israeli war on Iran has been perhaps the dominant global economic narrative of 2026, but the effects on the UK economy still appear unclear, said the ONS.We know that higher oil prices have immediately fed through to higher inflation, but there has so far been limited evidence of what Bank of England governor Andrew Bailey has termed “second-order effects” of price pressures spreading through the UK economy.The conflict in Iran, which started at the end of February, has been referred to by various businesses in terms of June 2026 data. These comments were cited in some manufacturing industries, wholesale, land transport services, warehousing and travel agencies.
Reported by 1 outlet — The Guardian US. See all sources ↓
Live, rolling coverage of business, economics and financial markets as GDP rises in June despite Iran war after stagnating in MayThe US-Israeli war on Iran has been perhaps the dominant global economic narrative of 2026, but the effects on the UK economy still appear unclear, said the ONS.We know that higher oil prices have immediately fed through to higher inflation, but there has so far been limited evidence of what Bank of England governor Andrew Bailey has termed “second-order effects” of price pressures spreading through the UK economy.The conflict in Iran, which started at the end of February, has been referred to by various businesses in terms of June 2026 data. These comments were cited in some manufacturing industries, wholesale, land transport services, warehousing and travel agencies. However, it should be noted that fewer comments to the survey referring to the Iran war were provided in June 2026 compared with previous months, which coincided with a period of ceasefire.This downward trend was also cited in our Business Insights and impact of the UK economy: 2 July 2026 bulletin. In June 2026, 31% of businesses with 10 or more employees reported concern about international conflict affecting supply chains over the next year; this was a continued fall from the recent peak this April (38%).The FIFA Football World Cup, which started on 11 June 2026, was cited as a reason for an increase in turnover in June 2026 by businesses in industries such as the manufacture of alcohol, wholesale, food and beverage serving activities, publishing activities, television production and advertising.Some positive impacts were cited by some businesses across a range of manufacturing industries, retail, accommodation, and amusement and recreation activities.
Read the full report at The Guardian US ↗
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- What's the story?
- Live, rolling coverage of business, economics and financial markets as GDP rises in June despite Iran war after stagnating in MayThe US-Israeli war on Iran has been perhaps the dominant global economic narrative of 2026, but the effects on the UK economy still appear unclear, said the ONS.We know that higher oil prices have immediately fed through to higher inflation, but there has so far been limited evidence of what Bank of England governor Andrew Bailey has termed “second-order effects” of price pressures spreading through the UK economy.The conflict in Iran, which started at the end of February, has been referred to by various businesses in terms of June 2026 data. These comments were cited in some manufacturing industries, wholesale, land transport services, warehousing and travel agencies.
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UK economy grows by 0.4% in second quarter as some businesses helped by World Cup and hot weather – business live
Sources1TypeCoverageThe Guardian US